Toshiba to book ¥100bn in impairment charges

TOSHIBA is to book a combined loss of more than ¥100bn (£550m) for the last fiscal year as it writes down the assets of its struggling segments, including its semiconductor, white goods and U.S. atomic energy operations

The troubled Japanese conglomerate, which continues to reel from revelations it had massively overstated profits for six years, is expected to deliver overall earnings of zero, or possibly book a loss, people familiar with the situation told Japanese business daily Nikkei.

The losses of will be booked separately from the correction to overstated profits of ¥156.2bn over seven years from 2008, which were uncovered by an independent panel that investigated bookkeeping irregularities at the electronics-to-nuclear giant.

Before the accounting scandal came to light, Toshiba forecast an operating profit of ¥330bn and a net profit of ¥120bn for fiscal 2014.

Toshiba was unavailable for comment.